Moo Deng is a peculiar pygmy hippopotamus native to Thailand whose photograph floods social networks, internet forums and is used as a meme to promote different brands.
The hippo, whose name means “jumping pig” in Thai, has found favor on major social media accounts including The Tonight Show and martial arts company UFC.
Now, it has gone from being a symbol of conservation to becoming the latest phenomenon in the cryptocurrency world.
The memecoin called Moo Deng, inspired by this endangered animal, has reached a market capitalization of $120 million on the Solana network, according to CoinMarketCap data.
In just 24 hours, The price of the crypto asset has increased by 41%, raising its price from 0.086 to 0.12 dollars, as shown in the following graph.
Looking at the performance from a month ago, Moo Deng has seen a growth of 254%, a trend driven in part by the rally of bitcoin (BTC) in the market.
This type of cryptocurrency have proven to be extremely volatilerising or falling in a matter of minutes due to financial speculation.
As CriptoNoticias has reported, the utility of memecoins is usually zero, since their appeal lies mainly in the price increases and decreases that fuel the interest of speculators.
The image of the endangered pygmy hippopotamus has thus taken an unexpected turn by becoming the symbol of a cryptocurrency.
Moo Deng has already made good returns
Despite the fact that memecoins on the Solana network did not perform well during the month of August, Moo Deng has managed to deliver considerable profits to some investors.
A member of the Solana community, known under the pseudonym solonchain, revealed on the X platform (formerly Twitter) that an anonymous user likely managed to access sensitive information about Moo Deng before it was made public.
This investor took advantage of that advantage and, In a span of three months, he generated almost a million dollars trading memecoins.
This same user found Moo Deng when the memecoin was around $10,000 market cap, which was a small and almost unknown cryptocurrency at the time.
Taking advantage of insider information, he invested $1,000 nine days ago when the price was around $0.00003. This investment generated $400,000 in profits.a return of 400 times its initial investment.
Hippopotamus gives a new lease of life to memecoins on Solana
The creation and proliferation of memecoins on the Solana network has been facilitated by platforms like pump.fun, which has simplified the process for anyone to launch their own meme cryptocurrency.
Since its launch in February 2024, pump.fun has been a key player in the expansion of the memecoin phenomenon, with the creation of 2,096,685 cryptocurrencies that, together, They have generated profits of 754,150 SOL, equivalent to 115 million dollarsaccording to Dune Analytics data.
However, despite pump.fun’s explosive growth, its leadership in the world of memecoins is beginning to be eclipsed by new platforms such as SunPum on the Tron network, which are attracting more and more users attracted by this speculative and high-risk market.
